The Central Bank of South Korea announced on Thursday that it has kept the interest rate steady at the level of 3.5% for the fifth time in a row.
According to the statement of the Central Bank of South Korea, the stabilization of the interest rate came out of fear of slowing economic growth in the country, as Seoul occupies the fourth place as the largest economies of the continent of Asia.
Earlier, published economic data showed that South Korea’s exports fell by 16.5% year-on-year during the first 20 days of August due to weak exports of chips and petroleum products.
According to the Korean customs service, exports reached 27.9 billion dollars during the twenty days, compared to 33.3 billion dollars in the same period last year.
He added that imports decreased by 27.9% year-on-year to 31.4 billion dollars in twenty days, resulting in a trade deficit of 3.6 billion dollars.
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